Epstein Secrets

balance is on a recovery path over the last one year Figure 2: as non treasury portfolio outflows have remain positive Source: DB FX Research and US Treasury Source: DB FX Research and US Treasury Figure 3: The private basis balance has been diverging from the overall balance Figure 4:as official inflo

02 03 04 05 06 07 08 09 09 10 11 12 to return to lOy ave of current account (FEER) PPP adjusted for productivity and terms of trade (BEER Source: Deutsche Bank Page 10 Deutsche Bank AG/London EFTA01464500 28 February 2013 Exchange Rate Perspectives Figure 21: Almost All FX Weaken When Dollar Strengthens. le

eas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. 3. Country-Specific Disclosures Australia and

sider this report in deciding to trade on a proprietary basis. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. In the U.S. this report is approved and/or distributed by Deutsche Bank Securities Inc., a member of th

.S. Aggregate Index and includes securities in the Government and Credit indices The Government Index includes treasures (i.e. public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (ire. publicly issued debt of U. S Government agencies. quasi-federal corporation

oducts and services may be limited by applicable law Any products mentioned herein are not FDIC insured and are not obligations of nor guaranteed by Deutsche Bark AG or its affiliates Opinions expressed herein may differ from the opinions expressed by departments or other divisions or affiliates of Deutsche Bank.

of their respective owners. 'Deutsche Bank' means Deutsch Bank AG and its affiliated companies. as the context requires. Wealth Management refers to Deutsche Bark's wealth marogernent activities for high-net-worth clients around the world Discretionary portfolio management is offered through Deutsche Bank Trust

with an announcement that the division would start considering the status of companies' compliance programs when making charging decisions. In May, the Department of the Treasury's Office of Foreign Assets Control also unveiled guidance on what it considers the "essential components" of a sanctions compliance program. Back at

and Gavin Black ended in no jail time for either defendant Along the way, the judge criticized the government and admonished prosecutors for using Deutsche Bank's lawyers at Paul Weiss Rifkind Wharton & Garrison LLP as government investigators. The Connolly and Platinum cases are still subject to appeal. Cons

DEUTSCHE BANK ScP 20 2013 06:0pi )328/037 ocisVci- O TIKDEPARtaEsTI OF TRSASURY a-"L'INTSENAL REVIEWS SEVICS CINCENKATI OR 45999-00ZS ' Date of tbia nobSce: 0f-28-2013 a sientifigation Nutter. Form: SSA( I/Onibst of this no

DEUTSCHE BANK ScP 20 2013 06:0pi )328/037 ocisVci- O TIKDEPARtaEsTI OF TRSASURY a-"L'INTSENAL REVIEWS SEVICS CINCENKATI OR 45999-00ZS ' Date of tbia nobSce: 0f-2

ieve that 2016 should see a partial convergence of US and European bond yields. Our end-year forecasts see the 10-year Bund around 1.1% and 10-year US Treasury at 2.5% (although our macro forecast—with the Fed on a slow but steady uptrend — may be consistent with a somewhat higher yield by end 2016). In Eu

Matthew Luzzetti, (44) 20 754 73288 Michael Spencer, (852) 2203 8303 EFTA01475995 Mark Wall, (44) 20 754 52087 Torsten Slok, (1) 212 250 2155 Deutsche Bank AG/London Page 17 EFTA01475996 8 December 2015 World Outlook 2016: Managing with less liquidity US: Dollar drag IIOn the back of weak manufacturin

10yr Treasury - TIPS spread 5yr Treasury yield 30yr Treasury yield Fed Fund Rate 2015 End (Futures) Fed Fund Rate 2016 End (Futures) Duration US Treasury yield curve slope (10-2yr) US Treasury yield curve slope (10-5yr) Credit Corporate IG credit spreads (bps) Financial Industrial Financial sprea

Insights 20 November 2015 Page 26 Deutsche Bank Securities Inc. Figure 52: Our S&P Intrinsic Valuation Model S&P 500 Capitalized EPS Valuation Deutsche Bank's 2015E S&P 500 EPS DB's "normal 2015E" S&P 500 EPS "Normal 2015E" EPS / 2015E EPS Accounting quality adjustment to pro forma EPS Normal 2015E S&P

balance is on a recovery path over the last one year Figure 2: as non-treasury portfolio outflows have turned positive Source: DB FX Research and US Treasury Source: DB FX Research and US Treasury Figure 3: The private basis balance has been diverging from the overall balance Figure 4: as official infl

eas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. 3. Country-Specific Disclosures Australia and

The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2012 Date Description Morgan Stinky Indoigua Chase Deutsche Sank US Treasury Bile VS Government Ending Agencies Balance 1/1/2011 1/1/2012 1/3/2013 1/6/2012 1/9/2012 1/15/2012 1/30/2012 1/30/2012 2/1/2012 2/1/201

EFTA00283525 The MBZ 19% Trust (GST Exempt) Cash Account Activity - As of December 31, 2012 Dale Description Morgan Stinky IP Ntotpaa Ouse Deutsche Sank US Treasury Bills ES Government Ending Agencies Balance 8/1/2013 8/14/1012 8/16/1012 8/30/1012 8/30/2012 8/30/2012 9/V/2012 9/V/2012 1